ECON Vocabulary/Concepts Crossword Puzzle

12345678910111213141516171819202122232425
Across
  1. 4. A type of market structure characterized by low barriers to entry, many firms, and product differentiation.
  2. 6. Occurs when real-world events meet the criteria of an experiment designed to test a hypothesis.
  3. 8. Requires decision-makers to evaluate whether the benefit of one more unit of something is greater than its cost.
  4. 10. Bring buyers and sellers together to exchange goods and services.
  5. 11. The study of the individual units that make up the economics
  6. 12. Contains components of both capitalist and command economies.
  7. 13. Refers to the inherently limited nature of society's resources, given society's unlimited wants and needs.
  8. 15. Shows how resources and final goods and services flow through the economy.
  9. 19. Factors that motivate a person to act or exert effort.
  10. 21. Participants in a market can fully adjust to market conditions.
  11. 22. The additional revenue generated by the production and sale of one more unit of output.
  12. 23. The study of the overall aspects and workings of an economy.
  13. 24. The highest-valued alternative that must be sacrificed to get something else.
  14. 25. Can be tested and validated; it describes "what is."
Down
  1. 1. The government answers the what, how, and who questions of production.
  2. 2. Refers to the situation where an individual, business, or country can produce at a lower opportunity cost than a competitor can.
  3. 3. Individuals answer the what,how, and who questions.
  4. 5. Participants in a market can only partially adjust to market conditions.
  5. 7. Requires a purposeful evaluation of the available opportunities to make the best decision possible.
  6. 9. The voluntary exchange of goods and services between two or more parties.
  7. 14. An opinion that cannot be tested or validated; it describes "what ought to be."
  8. 16. An accounting statement that summarizes a firm's key financial information.
  9. 17. A simplified version of reality used to forecast how components of the economy react to changes.
  10. 18. An organized scheme for producing and distributing goods in a society.
  11. 20. The study of how people allocate resources to satisfy unlimited wants